The 9 most important cities in the world for the rich

Every year luxury estate agent Knight Frank and Wealth-X, the research firm that concentrates on high net worth individuals, release a comprehensive report about what makes the richest people in the world tick.

The study is "based on the views of around 400 of the world’s leading private bankers and wealth advisors who, between them, manage assets for about 45,000 ultra high net worth individuals (UHNWIs) with a combined wealth of over half a trillion US dollars," the groups state.

So in other words, it's a pretty good gauge of what the richest people in the world are doing with their cash, where they are moving, what they worry about, and of course what they are looking to do in the future.

In the report, Knight Frank and Wealth-X presented a short, snappy league table of the most important cities for the world's high net worth individuals. Interestingly, one of Switzerland's main financial hubs — Zurich — dropped off the list this year.

8. Sydney —The Australian city is a major economic centre for the region and also offers residents and visitors great weather, stunning beaches, and a thriving cultural scene.

7. Paris — In France's capital, a decadent lifestyle and a prime place to do business go hand-in-hand. Paris is also one of the most expensive cities in the world to live in.

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6. Shanghai — China's slowdown is starting to freak out investors, according to the report, but Shanghai is still seen as one of the most important cities on Earth for the rich.

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5. Dubai — Often seen as a wealthy person's playground, the UAE city is a prime spot for doing business, aided by favourable tax rates, as well as living or visiting. It has some of the world's most opulent hotels.

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4. Hong Kong — Considered a city under Chinese rule now, Hong Kong is the gateway to mainland China. It has more liberalised financial rules and a huge expat community.

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3. Singapore — The island nation which is both country and capital is small but powerful on the world's stage. It's one of the richest countries in the world and has one of the highest standards of living. It's also a great logistical stepping stone to the rest of Asia and has excellent flight connections to the West.

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2. New York — The city regularly vies for top spot in this ranking but was pushed down due to the recent risk of tax and financial regulation changes, as well as "the threat from terrorism," said Knight Frank and Wealth-X.

1. London — The prime location for flight connections, the ease of doing business, and favourable political conditions for the rich make London the top city for the wealthy for another year. However, survey respondents say they're worried about "changes in taxation — reflecting five years of relatively rapid tax reform in the UK."